GBPUSD breaks below the rising price channel support, and might be forming a cycle top at 2.0391 level on daily chart. Key support is at 1.9720, a break down of this support will confirm the cycle top and indicates that the correction to the down trend from 1.9337 has completed, and then, deeper fall below 1.9337 is expected to follow. Near term resistance is at 2.0391, only break of this level will signal the resumption of the up trend.
For long term analysis, the pair is in long term bearish movement. The rise from 1.9337 is treated as correction to the long term down trend. Further fall towards 1.8000 area to reach the next long term cycle bottom on weekly chart is still possible after correction.
